CPI Europe AG (CPI.VI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1350.6%

€223.10

vs €15.38 price

Levered DCF

€125.38

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.54

Distress zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	4.21×	15.38×	-16.07×	11.17×	8.02×	-11.31×	7.09×	12.01×
P/B	0.49×	0.52×	0.79×	0.42×	0.82×	0.61×	0.86×	0.93×
P/S	2.65×	2.33×	3.64×	3.76×	7.41×	5.01×	6.96×	7.85×
EV / EBITDA	7.09×	12.46×	-46.86×	5.62×	4.62×	52.41×	12.31×	16.79×
Gross margin	86.3%	83.7%	78.8%	80.8%	80.4%	81.4%	57.7%	1.8%
Operating margin	50.5%	47.4%	-8.4%	61.1%	78.9%	-3.3%	94.4%	47.8%
Net margin	62.7%	15.1%	-22.6%	33.7%	92.5%	-44.2%	98.0%	65.3%
Current ratio	1.18×	1.66×	1.65×	1.56×	1.34×	4.26×	1.19×	1.73×
Debt / equity	0.82×	0.99×	1.12×	0.13×	0.91×	1.01×	0.95×	0.86×
Interest coverage	2.33×	1.82×	-0.38×	3.59×	3.9×	-0.23×	6.12×	2.7×
Dividend yield	0.6%	1.2%	0.7%	0.0%	3.3%	0.0%	3.5%	3.0%
Payout ratio	2.7%	17.9%	-10.6%	0.0%	26.6%	0.0%	24.6%	35.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	3.4%	-4.9%	3.8%	10.3%	-5.4%	12.1%	7.7%
Return on invested capital	3.9%	3.1%	-0.5%	2.1%	3.9%	-0.2%	5.6%	2.8%
Return on assets	5.4%	1.5%	-1.9%	1.4%	5.0%	-2.4%	5.6%	3.7%
Free cash flow yield	16.7%	19.5%	15.0%	-1.6%	7.7%	7.4%	8.0%	3.2%
Earnings yield	23.7%	6.5%	-6.2%	9.0%	12.5%	-8.8%	14.1%	8.3%
Enterprise value	€5.5B	€5.4B	€6.3B	€1.4B	€4.9B	€4B	€5B	€4.4B
Net debt / EBITDA	4.3×	7.74×	-25.34×	-0.55×	1.99×	27.54×	6.05×	6.84×
Cash conversion cycle (days)	-220	-182	-120	-194	-218	-213	-25	198